Do you think that the wealthiest Americans should have to pay more in taxes? President Trump’s chief strategist Steve Bannon thinks so! Bannon wants to push for a tax hike on the wealthy. According to a source from the Trump administration, Bannon states that he wants “the top tax bracket to have a 4 in front of it.”
The current top income tax bracket right now is taxed at 39.6 percent. The source said Bannon wants higher taxes on the wealthiest earners in order to give a bigger tax break for the middle class and investments.
Axios first reported on Bannon’s push, noting the plan would run contrary to Republican orthodoxy but potentially represents the kind of populist philosophy on which Trump campaigned.
On the record, the White House pushed back on the Bannon report.
Press Secretary Sean Spicer stated, “The report is not an accurate representation of Steve’s thinking.”
But the administration source made clear Bannon is pushing for a change in the approach to tax reform.
The tax reform talks publicly have taken a backseat to Senate negotiations over a new health care overhaul – which are expected to extend through the July 4th recess.
Axios reported that economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin are anxious to get a tax deal done and claimed Cohn has told associates that tax reform will never happen if officials don’t hammer it out this year.
Tax hikes on the wealthy are something that many people have been pushing for. However, I don’t agree with it. Taxes need to be universally set. I don’t think that people who make more money should have to pay a higher percentage of taxes just because they worked hard to make more money.
Whatever the percentage of taxes is being taken from the lower and middle class families need to go the same for the rich. It simply is not fair to tax people more and more for making more money.
What do you think?